The global online clothing rental market was valued at US$ 1,506.6 Million in 2017, according to Online Clothing Rental Market Report, by Clothing Style (Parties and Wedding Wear, Formal Wear, and Others), by End User (Men, Women, and Kids), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights. The global online clothing rental market is projected to reach US$ 3,299.6 Million by 2026, exhibiting a CAGR of 9.4% during the forecast period.
Increasing consumer preference towards rental designer dresses is a major factor driving growth of the global online clothing rental market. It is a cost-effective solution and provides designer wear at fraction of the original cost of the clothes. Rental clothes are available at very low cost, as compared to the original clothes. The discount offered by online retail clothing is 10-15% of retail cost of the dress.
Online clothing rental is convenient for customers, as it provides branded clothes and the selected dress can be delivered within the required time. This service is time saving, mode of payment is easy, and has monthly plans for regular customers. Designer dresses are used for one time thus, renting clothes is useful, as there is no repetition of dresses in events such as weddings, cocktail parties, office parties, and others. Different choices and varieties are available on online portals for occasions and functions such as wedding, theme parties, and school plays. Traditional as well as modern dresses are available on rent such as bridesmaid dresses, formal gowns, kaftans, and cocktail dresses.
However, the most popular styles can sometimes be out of stock for months on end since the rental period is unlimited. Thus, consumer has to wait or sometimes they do not get dresses of their choice. These are the factors restraining growth of the online clothing rental market.
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Browse 27 market data tables* and 17 figures* on "Online Clothing Rental Market” - Global forecast to 2026.
Key Trends and Analysis of the Global Online Clothing Rental Market:
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